1 00:00:11,05 --> 00:00:14,57 I am Pete Holloway I'm a senior vice president with Burton Watson and 2 00:00:14,58 --> 00:00:16,12 a financial advisor and sort of 3 00:00:16,41 --> 00:00:21,92 a financial planner as always it's my great pleasure to welcome you to on money as 4 00:00:21,93 --> 00:00:26,04 a financial advisor people come to me with sometimes small some Sometimes large 5 00:00:26,05 --> 00:00:30,30 sums of money and part of my process is I've got to find out about them what 6 00:00:30,31 --> 00:00:34,34 they're looking for and so forth and one of the questions that I always ask is do 7 00:00:34,35 --> 00:00:34,76 you have 8 00:00:34,77 --> 00:00:40,11 a will these people come to me with money and honestly forty percent of them do not 9 00:00:40,12 --> 00:00:44,04 have wills it's absolutely vital that we the people have 10 00:00:44,05 --> 00:00:50,21 a valid will because all that money parts of it could disappear if it's not if they 11 00:00:50,22 --> 00:00:55,67 don't have one my guest today we're going to be discussing wills is Lester has he 12 00:00:56,00 --> 00:00:58,88 had as a willing native has a B.A. 13 00:00:58,89 --> 00:01:02,14 From Vanderbilt and has got his law degree from W.V.U. 14 00:01:02,78 --> 00:01:02,97 And he's 15 00:01:02,98 --> 00:01:06,23 a trial attorney with Bachmann has Bachmann and garden since one thousand nine 16 00:01:06,24 --> 00:01:07,58 hundred sixty six I mean 17 00:01:07,59 --> 00:01:12,61 a simple judge in the city of willing president of the County Bar Association read 18 00:01:12,62 --> 00:01:17,50 all through all these things his bio I'd rather talk to judge us then go through 19 00:01:17,51 --> 00:01:21,84 your bio thank you for you agreeing to be with us today thanks for having me and 20 00:01:22,36 --> 00:01:23,48 let's start what is 21 00:01:23,49 --> 00:01:29,18 a Will why is it important and what does it and what does it not do. Well 22 00:01:29,19 --> 00:01:32,23 a will is a written document by which 23 00:01:32,55 --> 00:01:37,70 a person can make sure that whatever assets that he owns at the time of his passing 24 00:01:38,11 --> 00:01:44,79 will go to the people that he wants them to go to. What it is not is 25 00:01:44,83 --> 00:01:50,22 something that controls a jointly owned property for example 26 00:01:50,23 --> 00:01:56,23 a husband and wife man and property and often real estate is and jointly was right 27 00:01:56,24 --> 00:02:01,18 at survivorship. Because of that special language and indeed when you buy 28 00:02:01,19 --> 00:02:06,98 a home the real estate when one of the spouses dies does not 29 00:02:07,84 --> 00:02:13,75 proceed through probate it's not part of your estate. Handled separately 30 00:02:14,55 --> 00:02:19,18 and so a lot of things that people would otherwise think can be passed on with 31 00:02:19,19 --> 00:02:21,33 a will are not 32 00:02:21,34 --> 00:02:28,27 a joint bank account for example or. Pension or an IRA account if you name 33 00:02:28,28 --> 00:02:29,94 a specific beneficiary or 34 00:02:29,95 --> 00:02:36,42 a life insurance. Policy that you may have on your life if you name 35 00:02:36,43 --> 00:02:41,56 a specific beneficiary none of that goes through what they call the probate process 36 00:02:42,01 --> 00:02:46,11 and is not technically part of your estate probate is one of those words that 37 00:02:46,12 --> 00:02:46,78 scares people 38 00:02:46,79 --> 00:02:52,70 a lot what is probate used to be expensive it's not as expensive anymore tell us 39 00:02:52,71 --> 00:02:59,69 why it's important Well for one thing. With regard to the cost in certainly in 40 00:02:59,70 --> 00:03:02,87 my lifetime I think the West Virginia legislature has done 41 00:03:02,88 --> 00:03:09,32 a good job of simplifying the probate procedure which is simply the procedure that 42 00:03:09,33 --> 00:03:12,19 you used to administer in 43 00:03:12,20 --> 00:03:18,21 a state to make sure the assets in the estate go where they're supposed to go and 44 00:03:18,22 --> 00:03:24,00 to make sure that expenses of the estate are paid the way they should be paid. But 45 00:03:24,01 --> 00:03:26,79 it's really been sampler fied and it is 46 00:03:27,45 --> 00:03:34,37 a lot less expensive then than it used to be there used to be kind of set 47 00:03:34,42 --> 00:03:37,62 fees that people charge for probating in a state or writing 48 00:03:37,63 --> 00:03:42,56 a will for that matter now it's pretty much based on the time that the lawyer has 49 00:03:42,57 --> 00:03:47,06 to spend but it's not unusual for a you know 50 00:03:47,07 --> 00:03:50,57 a typical state and I'm administering for 51 00:03:50,58 --> 00:03:55,80 a family to cost any more than fifteen hundred dollars and that involves you know 52 00:03:55,81 --> 00:03:58,76 a fair amount of assets. Writing 53 00:03:58,77 --> 00:04:04,36 a will I guess you know that can vary from warrior to lawyer and didn't but it 54 00:04:04,37 --> 00:04:10,42 could I think the range Pete would be anywhere from one hundred fifty dollars on up 55 00:04:10,43 --> 00:04:15,57 to if it was a complex Well it would you know you could get 56 00:04:15,58 --> 00:04:20,86 a lot higher than that but typically not I think most lawyers in Wheeling anyway 57 00:04:20,87 --> 00:04:25,39 recognize that we're all. Not that big a community and you know 58 00:04:25,40 --> 00:04:28,06 a lot of the sort of boilerplate and I mean to sound that way well 59 00:04:28,30 --> 00:04:32,44 a good bit of it is and I want to make one thing clear right now because I am very 60 00:04:32,45 --> 00:04:36,15 firm believer in using professionals that you don't go to how to write 61 00:04:36,16 --> 00:04:40,07 a will dot com or wills for Dummies that you really should go to 62 00:04:40,08 --> 00:04:44,76 a an attorney because if something goes even if you write the will and something 63 00:04:44,77 --> 00:04:47,06 goes wrong with it because I want to talk about what happens if you don't have 64 00:04:47,07 --> 00:04:48,13 a will or you have 65 00:04:48,14 --> 00:04:53,18 a will that is not written appropriately what happens if you don't have 66 00:04:53,19 --> 00:05:00,16 a will that's written appropriately if you do it yourself. The court won't 67 00:05:00,17 --> 00:05:03,44 recognize it is a valid will a valid instrument 68 00:05:03,45 --> 00:05:08,20 a valid document by which the assets in your estate are to be transferred to 69 00:05:08,21 --> 00:05:13,75 somebody. And so then what's the interest and goes to other lawyers and then the 70 00:05:13,76 --> 00:05:19,11 expense begins to pick up well for one thing you're intestate if intestate means 71 00:05:19,12 --> 00:05:19,99 that you die without 72 00:05:20,00 --> 00:05:24,12 a will and if you die we'll just start there if you die without 73 00:05:24,13 --> 00:05:30,90 a will. There was no written document saying how you want your 74 00:05:30,91 --> 00:05:36,77 assets distributed so the West Virginia legislature is has adopted 75 00:05:36,78 --> 00:05:42,54 a scheme of distribution. And generally it follows 76 00:05:43,68 --> 00:05:50,60 this arrangement if you're married and you do not have children or 77 00:05:50,61 --> 00:05:56,05 if you do have children and you and your wife don't have any other children by 78 00:05:56,26 --> 00:06:01,35 another spouse everything according to the statute if you don't have 79 00:06:01,36 --> 00:06:08,04 a will goes to the surviving spouse. If you die with the surviving 80 00:06:08,05 --> 00:06:11,87 spouse and that's surviving spouse had 81 00:06:11,91 --> 00:06:16,18 a child by another marriage or if you had 82 00:06:16,19 --> 00:06:19,26 a child by another marriage then there's 83 00:06:19,27 --> 00:06:24,65 a percentage that the statute sets out that the surviving spouse gets. If there is 84 00:06:24,66 --> 00:06:29,93 no surviving spouse then the statute says in the absence of 85 00:06:29,94 --> 00:06:36,70 a will that everything would go to the children if there are children or the heirs 86 00:06:36,71 --> 00:06:40,96 of the children the children's children grandchildren if you will and if there are 87 00:06:40,97 --> 00:06:47,25 no children. Then everything would go to the parents of the person that died 88 00:06:47,92 --> 00:06:54,01 or the survivor of the parent that died if there are no living parents 89 00:06:54,65 --> 00:07:00,06 everything gets divided among generally among brothers and sisters. 90 00:07:01,77 --> 00:07:07,17 And then it goes on down the line if there's nobody at all no airs at all then it 91 00:07:07,18 --> 00:07:10,36 does go to the state of West Virginia and many people are concerned that the 92 00:07:10,37 --> 00:07:17,36 state's going to take their their. Whatever assets they have. In the absence of it 93 00:07:17,37 --> 00:07:21,76 they will Plus this is an expensive process just locating all those individuals and 94 00:07:22,57 --> 00:07:27,86 is going the money up front is that I maybe maybe the bottom line well that's. The 95 00:07:27,87 --> 00:07:32,33 best way to put it really OK Weston it don't the next step I decide I want to get 96 00:07:32,34 --> 00:07:36,82 a will and I approach you as an attorney what kinds of things should I show up with 97 00:07:36,86 --> 00:07:41,08 and what kind of questions should I be prepared for you to ask me I think most 98 00:07:41,09 --> 00:07:43,01 lawyers and I know I'm one of them have 99 00:07:43,02 --> 00:07:47,97 a form we sometimes ask class to fill out which ask them to 100 00:07:47,98 --> 00:07:52,22 a dentist what assets they have because we want to make sure we cover everything 101 00:07:53,15 --> 00:07:59,31 real estate not only our home place but other real estate you mine as well bank 102 00:07:59,32 --> 00:08:04,69 accounts itself will to bring in the information about the vanity of the bank 103 00:08:04,70 --> 00:08:09,90 account. Certificates of deposit we need to know about. 104 00:08:11,09 --> 00:08:17,73 IRAs pension plans all of that. Also we need 105 00:08:18,30 --> 00:08:22,53 to know information about the family if there are any children for example if there 106 00:08:22,54 --> 00:08:29,16 are children that are minor kids. We often recommend that the 107 00:08:29,42 --> 00:08:32,81 person writing the will nominate someone to serve as 108 00:08:32,82 --> 00:08:39,62 a guardian of those children until the children reach eighteen years old. That way 109 00:08:39,63 --> 00:08:43,49 they get to pick who the guardian is going to be because if. If they don't that 110 00:08:43,67 --> 00:08:44,78 some judge somewhere 111 00:08:44,79 --> 00:08:49,44 a circuit judge is going to make that decision those are some of the things that. 112 00:08:50,46 --> 00:08:56,49 We want to know we also want to know when we talk to them. If the client wants 113 00:08:56,85 --> 00:09:00,08 to leave everything to 114 00:09:00,09 --> 00:09:06,57 a spouse and which is often the case. I always tell people you've got to think 115 00:09:06,58 --> 00:09:12,95 about giving things away twice really because. That will zip that we write right 116 00:09:12,96 --> 00:09:17,40 now if i write your will right now nobody's going to know about that except you and 117 00:09:17,41 --> 00:09:23,87 me it gets recorded nowhere doesn't get put in the court house that only 118 00:09:23,88 --> 00:09:29,70 happens in the will is only recorded at the courthouse when you pass away and the 119 00:09:29,71 --> 00:09:33,54 tween now and the time you pass away you might have revised your will on 120 00:09:33,58 --> 00:09:39,75 a number of occasions. They only want the last month or last and most recent will. 121 00:09:41,28 --> 00:09:48,26 So we we ask people to say what if your spouse what if your spouse pretty deceases 122 00:09:48,27 --> 00:09:49,45 you I mean you've got 123 00:09:49,46 --> 00:09:55,95 a plan for that eventuality possibility and and so we get an alternate 124 00:09:56,78 --> 00:10:03,25 beneficiary there for the spouse. For children oftentimes the classic case is 125 00:10:03,70 --> 00:10:08,41 I want to leave everything to my wife but if my wife Prita ceases me I want 126 00:10:08,42 --> 00:10:14,89 everything to go equally in equal shares to my children my my two children well you 127 00:10:14,90 --> 00:10:21,41 have to go further and decide what if this spouse pre deceases 128 00:10:22,47 --> 00:10:27,33 How how is it handled as is between these two kids particularly if one of the 129 00:10:27,34 --> 00:10:33,99 children happens to also had God forbid died for you and the person is going to 130 00:10:33,100 --> 00:10:34,52 have to make 131 00:10:34,53 --> 00:10:41,27 a decision about whether he wants to say. I want the survivor of my children 132 00:10:41,28 --> 00:10:47,34 to take the full share or whether he wants to say I want my son to take fifty 133 00:10:47,35 --> 00:10:53,59 percent of my daughter fifty percent but if my daughter pre deceases her two kids 134 00:10:53,63 --> 00:10:59,87 who will share her share so would in that event be divided fifty percent to 135 00:11:00,71 --> 00:11:07,57 the son who. Outlived the father and twenty five percent to each of the two 136 00:11:07,58 --> 00:11:13,93 kids the daughter of the deceived gets caught you can't so you want to cover all 137 00:11:13,94 --> 00:11:17,60 the bases Yeah you do want to do it and one of the thing about this is it should 138 00:11:17,61 --> 00:11:22,25 stay stay current So if you have two children out there and one arrives and you 139 00:11:22,26 --> 00:11:26,61 don't identify them what happens that the West Virginia legislature took care of 140 00:11:26,62 --> 00:11:27,17 that too is 141 00:11:27,18 --> 00:11:32,08 a matter of law that child is going to be protected OK on his Will one of the other 142 00:11:32,09 --> 00:11:37,27 things that you have to be concerned about we talk with clients about is naming an 143 00:11:37,28 --> 00:11:40,30 executor. Quite often it's 144 00:11:40,31 --> 00:11:45,98 a surviving spouse not always. Sometimes it's a child 145 00:11:46,10 --> 00:11:51,19 a lot of times it's a bank trust company it doesn't have to be 146 00:11:51,20 --> 00:11:57,58 a human being. And as with the specific bequest in 147 00:11:57,59 --> 00:11:59,41 a will it's always good to have 148 00:11:59,42 --> 00:12:06,19 a backup. I would name my wife as an executive or of my state but 149 00:12:06,76 --> 00:12:12,41 I should also provide in there that if my wife pre deceases me that. So and so will 150 00:12:12,42 --> 00:12:17,60 be the alternate executor and be appointed in her absence or if something happens 151 00:12:17,61 --> 00:12:23,23 that she has on able to perform or duties I think it's important that the person 152 00:12:23,24 --> 00:12:26,89 asked the person's permission to name them executor to because it is 153 00:12:26,90 --> 00:12:31,85 a big job well it is and we recommend that although 154 00:12:32,08 --> 00:12:37,10 a lot of times the question arises when we finish it will if I hand the finished 155 00:12:37,11 --> 00:12:40,88 Will to you your will I know our law firm and I think 156 00:12:40,89 --> 00:12:43,42 a number of others as long as it's not 157 00:12:43,43 --> 00:12:49,70 a significant change will not make any charge for creating 158 00:12:49,71 --> 00:12:55,78 a new a new will. If if you want to eliminate 159 00:12:56,38 --> 00:13:02,42 a person from a will for as an example and so it's not unusual for 160 00:13:02,89 --> 00:13:08,27 a person to have five or six wills Ivory's lifetime because of changing 161 00:13:08,28 --> 00:13:14,96 circumstances and only the last one is the one that says it validly recognized by 162 00:13:14,97 --> 00:13:21,63 the court there is no requirement to name for example every family 163 00:13:21,64 --> 00:13:22,72 member as 164 00:13:22,73 --> 00:13:27,67 a beneficiary of your estate every family also has someone is going off the rails 165 00:13:27,89 --> 00:13:34,26 Well that happens in it happens more than you'd like to think. And there is there's 166 00:13:34,27 --> 00:13:38,11 no magic about eliminating or even 167 00:13:38,12 --> 00:13:44,98 a child really who's gone astray from from the will you cannot 168 00:13:45,37 --> 00:13:48,36 eliminate as surviving spouse and I'll get into that 169 00:13:48,37 --> 00:13:53,81 a minute to say they they're protected by that certain rights I'm in legislature. 170 00:13:54,90 --> 00:13:59,82 But it's not unusual to change to change it will even if it's just to name 171 00:13:59,83 --> 00:14:01,49 a new executive order or 172 00:14:01,50 --> 00:14:06,29 a new exam alternate executive or you know the executor may have just said they 173 00:14:06,30 --> 00:14:11,16 can't do it anymore passed on or whatever so that's right that's right I should 174 00:14:11,17 --> 00:14:15,11 talk a little bit about what's required to have 175 00:14:15,12 --> 00:14:22,07 a valid will. And the legislature has decreed that it has to be 176 00:14:22,08 --> 00:14:27,44 in writing. And it has to be signed by the person who's making the will 177 00:14:29,18 --> 00:14:36,11 and it also has to be witnessed by two witnesses at least two witnesses who 178 00:14:36,12 --> 00:14:42,62 are in the room with the person that's signing the will. All 179 00:14:42,63 --> 00:14:47,65 everybody together at the same time unless all three of them are there together. 180 00:14:49,33 --> 00:14:50,31 Technically is not 181 00:14:50,32 --> 00:14:55,58 a valid will and would not be recognized by our court system and in West Virginia. 182 00:14:57,39 --> 00:15:02,39 And by the way you've been talking about the legislature if someone from Ohio or 183 00:15:02,40 --> 00:15:07,45 from Utah is watching this program there are state law on Wills is probably going 184 00:15:07,46 --> 00:15:11,05 to be very close but there may be some some dissimilarities to would that be 185 00:15:11,06 --> 00:15:11,74 correct that's 186 00:15:11,75 --> 00:15:18,51 a very accurate way of putting it and there's I I don't I don't practice in any 187 00:15:18,52 --> 00:15:23,74 other state all right. I will written in West Virginia for a no I have 188 00:15:23,75 --> 00:15:27,01 a resident for example. Is is 189 00:15:27,02 --> 00:15:32,96 a valid will if it complies with our West Virginia law on how wills are required to 190 00:15:32,97 --> 00:15:37,20 be made. And we changed switch subjects just 191 00:15:37,21 --> 00:15:41,72 a little bit because that will obviously is very very very important there are two 192 00:15:41,73 --> 00:15:46,57 other documents that. When you're getting that will that most people I think should 193 00:15:46,58 --> 00:15:48,95 look at and should really just get as 194 00:15:48,96 --> 00:15:53,43 a matter of course and they're called one to call the power of attorney and the 195 00:15:53,44 --> 00:15:53,71 other is 196 00:15:53,72 --> 00:15:56,67 a medical power of attorney advanced directive and there are some differences there 197 00:15:56,68 --> 00:16:00,19 may be can go into that but why isn't it what is the power of attorney and why is 198 00:16:00,20 --> 00:16:03,46 it so important well let me start with a medical power of attorney and we call it 199 00:16:03,47 --> 00:16:09,52 a medical power of attorney and living will that gives someone you're allowed to 200 00:16:09,53 --> 00:16:15,62 nominate someone to make medical related decisions for you in the event that you 201 00:16:15,63 --> 00:16:22,16 are unable to make those decisions yourself. Doctors Hospitals 202 00:16:23,14 --> 00:16:29,79 surgical treatment nursing care. All of that we 203 00:16:29,83 --> 00:16:34,69 were pulling the plug and there's some specific language we use for pulling the 204 00:16:34,70 --> 00:16:41,54 plug the legislature in West Virginia has said that I can nominate you as 205 00:16:41,58 --> 00:16:46,58 person to have my medical power of attorney and you can make the decisions about my 206 00:16:46,59 --> 00:16:51,54 medical care in the event I'm unable to do so myself and in the event that. 207 00:16:52,60 --> 00:16:59,39 Physician along who has personally examined me along with you make the decision 208 00:16:59,81 --> 00:17:03,16 that I am in a terminal state or in 209 00:17:03,17 --> 00:17:10,15 a persistent vegetative state that you're allowed to tell the doctors to as you 210 00:17:10,16 --> 00:17:17,02 put it pull the plug. And the only thing that that the person that I 211 00:17:17,03 --> 00:17:23,71 would want done is to be provided medication to be free of pain and to remain 212 00:17:23,72 --> 00:17:28,70 comfortable but that I do not want any life prolonging devices. 213 00:17:30,95 --> 00:17:33,02 Put on me and obviously this would be 214 00:17:33,03 --> 00:17:37,71 a discussion that you would have with the person who is your medical power and say 215 00:17:38,13 --> 00:17:41,89 Oh that's right you know that you know in this case this is what has happened my 216 00:17:41,90 --> 00:17:47,17 father and it made things very very easy for all of us Well I've I bet I've written 217 00:17:47,25 --> 00:17:51,33 five hundred will see and I've never met anybody yet they didn't want to medical 218 00:17:51,34 --> 00:17:52,13 private turning in 219 00:17:52,14 --> 00:17:57,12 a living will and frankly I just throw those in because it's it's sort of what we 220 00:17:57,13 --> 00:18:01,25 call border plate language really except for the name and address and phone numbers 221 00:18:01,25 --> 00:18:05,44 . Of not only the person who is a nominee but again 222 00:18:05,45 --> 00:18:11,89 a back up if you try to original person is not available I think that also anymore 223 00:18:11,90 --> 00:18:17,22 because of the new HIPAA rules on confidentiality of patient records. 224 00:18:18,54 --> 00:18:24,23 Doctors are reluctant to even give family members sometimes copies of medical 225 00:18:24,24 --> 00:18:25,28 records unless there's 226 00:18:25,29 --> 00:18:31,18 a. Medical private attorney with says that they can do so. So it's kind of 227 00:18:31,19 --> 00:18:37,07 important and we we advise our our clients to give that medical care of attorney 228 00:18:37,08 --> 00:18:41,25 not only to their doctors but of course to any hospital that you might have to go 229 00:18:41,26 --> 00:18:47,26 to for treatment. In Just something and it's something that people don't like to 230 00:18:47,27 --> 00:18:49,41 talk about it you'd better do it right from the V.A. 231 00:18:49,42 --> 00:18:53,53 I mean set it up properly now because you know if you're not if you're in you know 232 00:18:53,67 --> 00:18:58,72 terminal condition. You know you have no voice you have no voice left so you need 233 00:18:58,73 --> 00:19:04,01 so much to me your advocate and the doctors I think they still have to comply with 234 00:19:04,02 --> 00:19:09,80 the Hippocratic Oath which means they have to try to keep you alive unless unless 235 00:19:09,81 --> 00:19:10,11 you have 236 00:19:10,12 --> 00:19:14,86 a document like this it would allow them to do otherwise. You ask about the other 237 00:19:14,87 --> 00:19:17,43 kind of power of attorney Pete and that's what we call 238 00:19:17,44 --> 00:19:23,79 a durable power of attorney and that pretty much covers. Business decisions that 239 00:19:23,80 --> 00:19:29,08 have to be made by someone particularly if they're not competent to make the 240 00:19:29,09 --> 00:19:35,33 decisions. Unable to make the decision for whatever reason and it 241 00:19:35,97 --> 00:19:41,50 covers the waterfront in and things that you can give somebody the right to do if I 242 00:19:41,51 --> 00:19:46,40 wanted to give you my durable power of attorney I would let you I would 243 00:19:46,41 --> 00:19:50,62 specifically state that you had the right to do whatever and with my real estate 244 00:19:50,89 --> 00:19:56,70 with my bank accounts to pay bills and do whatever with the money. Even give it 245 00:19:56,71 --> 00:19:57,27 away as 246 00:19:57,28 --> 00:20:03,92 a matter of fact now that you're permitted to do. File tax returns if our claims. 247 00:20:05,30 --> 00:20:09,01 Just anything of a business nature we used to be able to do this with 248 00:20:09,02 --> 00:20:13,90 a pretty simple document one or two page document but in two thousand and twelve I 249 00:20:13,91 --> 00:20:18,71 believe it was our West Virginia legislature revised the whole durable power of 250 00:20:18,72 --> 00:20:24,82 attorney and law and now it's it's it's kind of expensive it's probably 251 00:20:24,83 --> 00:20:28,32 a couple hundred three hundred dollars or so to prepare these because they're 252 00:20:28,83 --> 00:20:31,13 they're complicated but it's 253 00:20:31,14 --> 00:20:37,94 a form that the state of West Virginia now requires in order to. Cut down 254 00:20:37,95 --> 00:20:43,80 on the abuse by an agent who would receive a power of attorney from someone under 255 00:20:43,81 --> 00:20:47,92 a disability and you know be taken advantage you can write checks on 256 00:20:47,93 --> 00:20:51,71 a person's account and yeah and check again with both the medical care and the 257 00:20:51,72 --> 00:20:55,59 power to anyone and warm the person you're my power of attorney and it's got to be 258 00:20:55,60 --> 00:21:00,43 someone you trust absolutely absolutely and it also requires 259 00:21:00,44 --> 00:21:03,52 a backup. OK now I want to we just have 260 00:21:03,53 --> 00:21:07,95 a couple minutes left what are some common mistakes that people are misconceptions 261 00:21:07,96 --> 00:21:13,89 that people know about wills that you know that well I mean the cost of 262 00:21:14,66 --> 00:21:19,82 a number will of course is one thing. Sometimes people think that their will that 263 00:21:19,83 --> 00:21:23,77 they're creating now has to be recorded somewhere. And as 264 00:21:23,78 --> 00:21:28,92 a think of explained it does not get recorded that doesn't get recorded till you 265 00:21:28,93 --> 00:21:35,16 die and then the last one gets recorded so nobody nobody in the whole world except 266 00:21:35,17 --> 00:21:41,90 you and your client know what's in the will. There is there is 267 00:21:42,08 --> 00:21:47,39 a statute which allows a person to create a handwritten will that's called 268 00:21:47,40 --> 00:21:54,33 a hole the graphic will. And the statutes are pretty clear that 269 00:21:54,93 --> 00:22:00,25 number one it has to be wholly in the handwriting of the deceit and 270 00:22:01,32 --> 00:22:07,95 secondly there is no requirement for any witnesses and. 271 00:22:09,34 --> 00:22:16,03 And thirdly it has to be pretty clear as to what the intent of the the scene 272 00:22:16,04 --> 00:22:20,03 was and how he wanted his estate distributed it's a it's 273 00:22:20,04 --> 00:22:25,02 a mighty risky undertaking for somebody without 274 00:22:25,03 --> 00:22:29,12 a lawyer you know perfectly clear I think is the key or the key words because if 275 00:22:29,13 --> 00:22:34,24 there is the slightest way of disputing what this means it's often it's you know 276 00:22:34,25 --> 00:22:38,34 it's right back in the courtroom and you get people to Beijing about it and that 277 00:22:38,42 --> 00:22:43,06 the meter is running the classic example that I can remember and it's been 278 00:22:43,07 --> 00:22:46,59 a long time since I was in law school but. Somebody wrote 279 00:22:46,60 --> 00:22:53,24 a well which simply said all to wife and sign his name and it was recognized as 280 00:22:53,25 --> 00:22:58,84 a valid will. But many many times the courts will say that it's it's not 281 00:22:58,85 --> 00:23:04,18 a valid will because the intent is not clearly set forth in the written document 282 00:23:04,38 --> 00:23:06,49 which I want to thank you for your time this is 283 00:23:06,50 --> 00:23:09,82 a great discussion and maybe we'll have you back some day and go into 284 00:23:09,83 --> 00:23:14,06 a little more detail on all this and I want to thank you all and I know we will be 285 00:23:14,07 --> 00:23:16,02 seeing you next week have a great week.